The decision to start looking into Homes for Sale in Owen Sound means you will need to take certain steps to prepare yourself for this major purchase. Your first step should be to find an Owen Sound Real Estate Agent that will guide you through the process, second apply for a pre-approved mortgage. This can be a lengthy process where being declined is common. Remember that it is better to be declined by a lender for a pre-approval than while trying to fulfill a clause that is time sensitive for a home you’re purchasing. Acquiring your pre-approved mortgage before you join the market will benefit you in the long run and help to reduce the stress associated with making large purchase. Here are a few more reasons why pre-approved mortgages are a worthy investment and time saver.
- Pre-Approval vs. Pre-qualification – A mortgage pre-qualification will help you breakdown your budget and determine how large of a loan you qualify to take out. A pre-approved mortgage is essentially the bank or mortgage broker saying that they have conducted a credit check and you are approved for a specific amount of money. This pre-approval is typically valid for 90days.
- Gives you an edge – Going into negotiations with a pre-approved mortgage in your pocket shows the seller that you are a serious buyer. Your offer to taken much more seriously as a result. A seller may even choose your slightly lower offer based on the fact that it most likely will firm up and the sale will go through.
- Knowing what you can afford – Going into your search of Owen Sound Homes for Sale knowing how much you can borrow will help to narrow down your search. Preventing you from falling in love with a home that is wildly out of your budget.
Acquiring a Pre-Approved Mortgage On Owen Sound Homes For Sale
Preparing to enter the Owen Sound Real Estate Market is a decision that should not be taken lightly. For some there is no rush to purchase but for others a deadline is fast approaching. Acquiring a pre-approved mortgage will give you an edge going on your offers, give you a realistic idea of what you can afford, and save you the stress of applying for a first mortgage on an even tighter deadline.